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SmartFinancial Inc Company profile

About SmartFinancial Inc

SmartFinancial, Inc. is a bank holding company. The Company operates through its SmartBank subsidiary (the Bank). The principal business of the Bank consists of attracting deposits from the public and investing those funds, together with funds generated from operations and from principal and interest payments on loans. It offers commercial loans, commercial and residential real estate loans, consumer loans and residential and commercial construction loans. The Bank provides a range of deposit services to businesses and individuals, including noninterest and interest-bearing checking accounts, savings accounts, and certificates of deposit. The principal sources of income for the Bank are interest and fees collected on loans, fees collected on deposit accounts and interest and dividends collected on other investments. It has approximately 35 full-service branches located in East and Middle Tennessee, Alabama, and the Florida panhandle, one loan production office, and one service center.

Financial summary

BRIEF: For the fiscal year ended 31 December 2021, SmartFinancial Inc interest income increased 6% to $125.2M. Net interest income after loan loss provision increased 11% to $111.8M. Net income increased 43% to $34.8M. Net interest income after loan loss provision reflects Loans, including fees increase of 6% to $118.6M, Taxable increase of 57% to $3.8M. Net income benefited from Deposits decrease of 35% to $8.8M (expense).

Equity composition

Common Stock $1 Par, 3/11, 20M auth., 6,709,199 issd., less 208,803 shs. in Treas @ Cost. Insiders control 15.80%. Pref. Stock no Par, 12/10, 2M auth, 114,540 issd. 06/09, 0.8421% stock dividend. 09/09, 2% stock dividend. 9/15 1-for-4 reverse stock split.